$PULM
Pulmatrix, Inc.

2015 Q2 Form 10-K Financial Statement

#000114420415036361 Filed on June 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2015
Revenue $170.0K $105.0K $1.201M
YoY Change 241.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.880M $1.300M $4.530M
YoY Change 847.27% 94.03% 160.94%
% of Gross Profit
Research & Development $1.610M $918.0K $7.187M
YoY Change -6.88% 186.88% 9.06%
% of Gross Profit
Depreciation & Amortization $120.0K $62.00K $232.0K
YoY Change -32.16%
% of Gross Profit
Operating Expenses $11.49M $2.852M $24.22M
YoY Change 368.75% 188.08% 156.88%
Operating Profit -$11.32M -$2.747M -$23.02M
YoY Change 361.81% 153.61%
Interest Expense $327.0K $184.0K $953.0K
YoY Change -94.17% -93.76%
% of Operating Profit
Other Income/Expense, Net $29.00K -$44.00K
YoY Change 625.0% 1366.67%
Pretax Income -$14.90M -$1.550M -$26.17M
YoY Change 766.28% 56.57% 291.14%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.90M -$1.803M -$26.17M
YoY Change 114.62% 82.12% 8.38%
Net Earnings / Revenue -8762.94% -1717.14% -2178.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$26.61M -$7.750M -$32.31M
COMMON SHARES
Basic Shares Outstanding 4.804M shares 4.804M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.51M $10.36M $18.90M
YoY Change 78.77% -33.46% 82.43%
Cash & Equivalents $25.51M $2.745M $18.90M
Short-Term Investments
Other Short-Term Assets $510.0K $114.0K $1.560M
YoY Change 920.0% 11300.0% 875.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $26.02M $10.52M $20.46M
YoY Change 77.66% -32.43% 94.49%
LONG-TERM ASSETS
Property, Plant & Equipment $545.0K $157.0K $690.0K
YoY Change 18066.67% 7750.0% 331.25%
Goodwill $15.94M
YoY Change
Intangibles $7.534M
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.00K $250.0K
YoY Change
Total Long-Term Assets $24.30M $157.0K $24.41M
YoY Change 809766.67% 7750.0% 15156.25%
TOTAL ASSETS
Total Short-Term Assets $26.02M $10.52M $20.46M
Total Long-Term Assets $24.30M $157.0K $24.41M
Total Assets $50.31M $10.68M $44.87M
YoY Change 243.5% -31.43% 320.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $314.0K $1.090M
YoY Change
Accrued Expenses $1.013M $640.0K $1.490M
YoY Change 87.59% 56.1% 132.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.030M
YoY Change
Total Short-Term Liabilities $1.327M $635.0K $3.610M
YoY Change 141.27% -32.95% 464.06%
LONG-TERM LIABILITIES
Long-Term Debt $6.706M $0.00 $5.690M
YoY Change
Other Long-Term Liabilities $10.00K $10.00K
YoY Change
Total Long-Term Liabilities $6.706M $0.00 $5.700M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.327M $635.0K $3.610M
Total Long-Term Liabilities $6.706M $0.00 $5.700M
Total Liabilities $11.00M $640.0K $12.27M
YoY Change 1900.55% -32.63% 1817.19%
SHAREHOLDERS EQUITY
Retained Earnings -$118.6M -$10.36M
YoY Change 2103.47% 182.37%
Common Stock $157.9M $20.41M
YoY Change 32905108.33% 11.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.31M $10.05M $32.61M
YoY Change
Total Liabilities & Shareholders Equity $50.31M $10.68M $44.87M
YoY Change 243.5% -31.43% 320.13%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2015
OPERATING ACTIVITIES
Net Income -$14.90M -$1.803M -$26.17M
YoY Change 114.62% 82.12% 8.38%
Depreciation, Depletion And Amortization $120.0K $62.00K $232.0K
YoY Change -32.16%
Cash From Operating Activities -$6.080M -$1.160M -$12.47M
YoY Change 270.73% -16.55% 131.35%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $19.00K $266.0K
YoY Change -5100.0% -6.67%
Acquisitions
YoY Change
Other Investing Activities $9.670M $9.670M
YoY Change
Cash From Investing Activities $9.620M -$60.00K $9.410M
YoY Change -5981.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $35.00K
YoY Change
Cash From Financing Activities 21.52M 0.000 21.52M
YoY Change 6229.41% -100.0% 6421.21%
NET CHANGE
Cash From Operating Activities -6.080M -1.160M -12.47M
Cash From Investing Activities 9.620M -60.00K 9.410M
Cash From Financing Activities 21.52M 0.000 21.52M
Net Change In Cash 25.06M -1.220M 18.46M
YoY Change -2027.69% -107.84% -453.64%
FREE CASH FLOW
Cash From Operating Activities -$6.080M -$1.160M -$12.47M
Capital Expenditures -$50.00K $19.00K $266.0K
Free Cash Flow -$6.030M -$1.179M -$12.74M
YoY Change 267.46% -15.18% 124.42%

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><i>Concentration of Credit Risk</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Financial instruments that potentially subject the Company to concentrations of credit risk include amounts held as cash. Cash is maintained in financial institutions located in the United States. The Company is exposed to credit risk in the event of default by these financial institutions for amounts in excess of the Federal Deposit Insurance Corporation insured limits.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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0 USD
CY2015 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1031000 USD
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1754000 USD
CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 USD
CY2015 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 USD
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-182000 USD
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-309000 USD
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1213000 USD
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2063000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2014Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1427000 USD
CY2015Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3224000 USD
CY2014Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
0 USD
CY2015Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
262000 USD
CY2014Q1 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
0 USD
CY2015Q1 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
4000 USD
CY2014Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
1427000 USD
CY2015Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3490000 USD
CY2014Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2015Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
-0.340 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
-0.340 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.060 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.060 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.003 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.013 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.001 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.0 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.025 pure
CY2014 rtgn Effective Income Tax Rate Reconciliation Nondeductible Expense Merger Expenses Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMergerExpensesPercent
0.0 pure
CY2015Q1 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
995 sqft
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1700 USD
CY2015 rtgn Effective Income Tax Rate Reconciliation Nondeductible Expense Merger Expenses Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMergerExpensesPercent
0.004 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.390 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.308 pure
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0 pure
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0 pure
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-1213000 USD
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-2063000 USD
CY2014Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
2539000 USD
CY2015Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
8059000 USD
CY2015 rtgn Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
2033
CY2013Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-2.5
CY2013Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2013Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5000000 shares
CY2013Q3 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
2000000 shares
CY2014Q1 invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
0.0001
CY2014Q1 rtgn Closing Price Of Common Stock Percentage
ClosingPriceOfCommonStockPercentage
1.5 pure
CY2015 rtgn Class Of Warrant Or Right Duration From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRightDurationFromWhichWarrantsOrRightsExercisable
P1Y
CY2015 rtgn Percentage Of Options Unvested
PercentageOfOptionsUnvested
0 pure
CY2015Q1 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.17 pure
CY2015 rtgn Proceeds From Transfer Atleast For Not Consummated
ProceedsFromTransferAtleastForNotConsummated
3800000 USD
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
20000 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
20000 USD
CY2014 rtgn Initial Public Offerinfg Value Of Units
InitialPublicOfferinfgValueOfUnits
16021000 USD
CY2014 rtgn Change In Available Nol Due To Deconsolidation
ChangeInAvailableNolDueToDeconsolidation
0.0 pure
CY2015 rtgn Change In Available Nol Due To Deconsolidation
ChangeInAvailableNolDueToDeconsolidation
0.062 pure

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